MANILA – The Philippines’ main stocks gauge managed to end the day up amidst expectations for more hikes in the Federal Reserve’s key rates and the Ukraine-Russia conflict while the peso kept its footing against the greenback.
The Philippine Stock Exchange index (PSEi) ended the day flat after rising by 0.007 percent, or 0.49 points, to 7,009.43 points.
All Shares jumped by 0.24 percent, or 8.96 points, to 3,724.75 points.
Half of the sectoral indices gained during the day namely Industrial, 1.81 percent; Mining and Oil, 0.62 percent; and Property, 0.10 percent.
On the other hand, Holding Firms dropped by 0.65 percent; Financials by 0.23 percent; and Services by 0.18 percent.
Volume reached 1.41 billion shares amounting to PHP5.89 billion.
Advancers led decliners at 91 to 85 while 48 shares were unchanged.
“Philippine shares closed flat as investors shrugged off hawkish remains from Federal Reserve Chair Jerome Powell and continued to monitor the war in Ukraine,” Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said.
He also noted the rise of the 10-year Treasury yields to 2.392 percent “a level not visited since May 2019.”
Relatively, the peso finished the day at 52.39 against a US dollar, sideways from its 52.44 close a day ago.
It opened the day at 52.42 and traded between 52.42 and 52.33. Average level for the day stood at 52.373.
Volume rose to USD1.02 billion from the previous session’s USD953.1 million. (PNA)